Community Chat

[char1976]

I was considering on siging up for early social security this year. I'll be 62 this year and retired. I retired at 56 and was working seasonal at a state park.. But due to CD-19 they are not hiring the seasonal back yet from last year due to a hiring freeze. Hubby thought i should wait until age 66. I don't see much difference in waiting and if I wanted to work we ive in a rual area so there aren't that many jobs avaiable. I draw 2 retirement checks so working is just my spending money for me. Just curious what anybody thought.. Thanks.

[gidgetgh]

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@char1976 wrote:

I was considering on siging up for early social security this year. I'll be 62 this year and retired. I retired at 56 and was working seasonal at a state park.. But due to CD-19 they are not hiring the seasonal back yet from last year due to a hiring freeze. Hubby thought i should wait until age 66. I don't see much difference in waiting and if I wanted to work we ive in a rual area so there aren't that many jobs avaiable. I draw 2 retirement checks so working is just my spending money for me. Just curious what anybody thought.. Thanks.

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@char1976 - I started drawing mine at 62.  I have two small pensions and wanted the money.  We didn't NEED it to live, but wanted it.  Bird in the hand. 

I am 64 1/2 now.  No regrets. 

[May5]

You can go to the SS website and it will tell you how much you will receive at 62 and at 66.

[Mominohio]

I guess you need to calculate how much less per month you will take by doing it early and project your expected lifespan. 

I've been told by a financial adviser that it is advantageous to do it early, but many in my family are living into their 90's and were retired for over 30 years, so waiting for the bigger amount was smarter for them I guess. 

[FrostyBabe1]

@char1976  - what I think is that this is a decision that only you and your husband can make together. Your situation is yours and yours alone. It's not ours. If you have a financial planner, advisor or perhaps accountant, they should be able to run some projections for you showing the point at which you breakeven (taking it now vs waiting). They should also be able to discuss any tax implications, be it state, federal or local with you. 

[kaydee50]

DH waited until he was 70 to collect.  Since I was 66, full retirement age for me, at the same time, I started collecting based on his account.  When I turned 70 this year I started collecting on my account.  It's an 8% increase for each year you wait.  We're happy we waited.

[conlt]

I turn 62 in a few weeks and I am waiting. When you take early SS, you can only make so much money out side of that or your SS decreases. Check that out, the pensions that you have may cancel out some of your SS money. 

[RetRN]

I started collecting when I turned 62. Wouldn't have even considered not doing it. It has been wonderful, none of us know how long we will live. My retirement has been very enjoyable. 

[hckynut]

@char1976 

2 retirement paychecks at 56, interesting!  I took my SS at 62? My reasoning, will I live to 65/what was the difference in pay at 62 compared to 65? The difference would take over 13 years before I benefited from waiting till 65.

I retired at 52, with only 1 retirement paycheck. Haven't been working on a time clock since. Those were my reasons and what my "now wife" thought back then? She didn't work in a hot factory doing heavy/dirty/noisy/hazardous work. I worked there for 33 years.

I know a few that are getting 2 retirement paychecks. Every single one of them worked for some branch of government. I don't know any blue collar workers drawing more than I retirement paycheck. That said, sounds like an easy choice for you, to me anyways.

hckynut

[chprsp]

I opted to take it at 62. My pension did not affect it at all. We've used it for travelling and remodels of the kitchen and bath.